ABB, the Swedish-Swiss multinational, is in discussions with Larsen & Toubro to acquire its electrical and automation division. The division that generated revenues of Rs 4,650 crore and operating profit of a little over Rs 700 crore in 2016-17 is expected to be valued at Rs 14,000-18,000 crore, two people familiar with the development told ET.
ABB owns 75 per cent in ABB India, its locally listed arm, and the acquisition will help the Zurich-headquartered firm consolidate its position in the country. The ABB Group has a market capitalisation of $57 billion and revenues of $35.5 billion. Read more
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